You can get 100GB of storage on Google for $20 / year. Google Sheets, Google Docs, Forms, etc. can probably replace your use of Word and Excel on at least these platforms
On top of that, Docs (Word equivalent) and Sheets (Excel equivalent) are collaborative products. You can elect to share editable copies with others and work on them at the same time. You can also share in comment-only, or view-only mode.
I think you can also use the products without the Google One account, in which case the documents will reside only on your device unless you share them.
You can try them for free. I quit using Microsoft for this stuff about 7 years ago. There also is an enterprise version - Google Workspace - that makes collaboration within an organization easier, but it is not free.